ZURICH, March 31 (Reuters) - EFG International AG said its planned takeover of Grupo BTG Pactual SA’s Swiss private-banking unit BSI Ltd was on track to close by the end of the year and reiterated it saw cost synergies of around 185 million Swiss francs ($191.6 million) by 2019, including around 100 million from IT.
EFG said last month it had agreed to pay 1.33 billion Swiss francs for BSI in a deal that could catapult it into the nation’s top-five money managers for the wealthy.
In a presentation ahead of a conference call, EFG said the combined bank would operate on EFG’s core banking platform from 2018. It put the book value of BSI at 1.477 billion francs under IFRS standards. It said the transaction was expected to boost earnings per share from 2018 excluding restructuring costs, with double-digit accretion in 2019.
$1 = 0.9658 Swiss francs Reporting by Michael Shields